PM update (2):
The DOW has bounced back very nicely from the August lows. NQ also moved up 20 points as we get into the final hour and a half. Have bulls finally turned a corner? Technicians have been taking for months about a retest of these lows. Here we are and they are buying it. Still some time to go in the trading day, but as long as QQQQ holds up above 47, things could be looking up. We are in seller exhaustion territory.
Nasdaq new year lows at 605, the highest level since 2002, even higher than July and October of that year. Bears are pushing their luck.
The DOW has bounced back very nicely from the August lows. NQ also moved up 20 points as we get into the final hour and a half. Have bulls finally turned a corner? Technicians have been taking for months about a retest of these lows. Here we are and they are buying it. Still some time to go in the trading day, but as long as QQQQ holds up above 47, things could be looking up. We are in seller exhaustion territory.
Nasdaq new year lows at 605, the highest level since 2002, even higher than July and October of that year. Bears are pushing their luck.
This entry was posted
on Wednesday, January 09, 2008 at 1/09/2008 02:37:00 PM.
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